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In calculating future basis
Shouldn’t it be
1.5275 future price
0.6647 spot
Becuase spot price is dollar per pound
And futures is pound per dollar quoted ?I see your point – this question was presented rather strangely (the examiner has changed twice since this question was asked in the exam, so don’t worry these days).
However, despite the switch round of the $/GBP, you would never have the exchange rates so very different and so what the answer has done has to be correct.
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